Increased prices of wood products had the biggest impact on the producer price index of industrial output
The producer price index of industrial output, which expresses changes in the producer prices of industrial goods manufactured in Estonia for the domestic market and for export, increased by 1.0% in August 2024 compared with July and by 1.7% compared with August last year.
Eveli Šokman, team lead of producer price statistics at Statistics Estonia, said that, compared with August 2023, the producer price index was most affected by price increases in the manufacture of wood and wood products, electricity production, and repair of machinery and equipment. “Falling prices in the manufacture of fuel oils, food products, and electrical equipment had the opposite effect on the index. Producer prices increased by 1.4% in manufacturing as a whole and decreased by 1.9% in the manufacture of food products,” added Šokman.
Compared with July 2024, the producer price index was affected the most by price increases in electricity and heat energy production, in the manufacture of wood and wood products, and in the manufacture of fabricated metal products.
In August, the export price index rose by 0.7% compared with July. The biggest price increases were registered for electricity, in mining and quarrying, and for agricultural products. Prices fell the most for building materials, petroleum products, and footwear. Compared with August 2023, the export price index increased by 1.2%.
The import price index was up by 0.5% in August compared with July. Prices increased the most for electricity, in mining and quarrying, and for agricultural products. The greatest decline occurred in the prices of petroleum products, metals, and textiles. Compared with August 2023, the import price index increased by 1.6%.
Statistics Estonia collects and analyses data for the producer price index of industrial output, export price index and import price index for the Ministry of Economic Affairs and Communications, to understand how the Estonian economy is doing.
See also the prices section on our website. More detailed data have been published in the statistical database.
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For further information:
Heidi Kukk
Media Relations Manager
Marketing and Dissemination Department
Statistics Estonia
Tel +372 625 9181
press [at] stat.ee